AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)

Asian markets extend rally as earnings season looms

  • Wall Street's three main indexes chalked up more records as investors prepared for the earnings deluge with the release of top banks.
Published July 13, 2021
Follow us

HONG KONG: The rally in global stocks extended into Asia on Tuesday as optimism about the upcoming earnings season outweighs worries over the fast-spreading Delta virus variant that is forcing leaders to reimpose containment measures.

Hope that central banks will maintain their ultra-loose monetary policies, or taper them very gradually, is also providing support to traders as economies recover from the ravages of last year's pandemic-induced collapse.

The release of key data and other events will also be closely tracked this week as markets try to get an idea about the state of the global rebound, with Chinese growth, US inflation and several central bank decisions in view.

Nasdaq, S&P 500 hit new highs as focus turns to earnings, economic data

Wall Street's three main indexes chalked up more records as investors prepared for the earnings deluge with the release of top banks including JP Morgan and Goldman Sachs later in the day.

Observers are predicting the period could be the best in more than two decades, though they warn that the readings would have to be blockbuster to build on the latest markets rally, with many traders "buying the rumour and selling the news".

Hong Kong led the gains in Asia, rising more than one percent, while Tokyo, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Jakarta also enjoyed big gains.

Asia shares volatile as China tech worries remain

However, Covid-19 continues to cast a dark shadow as new case numbers rise around the world, with the United States and Britain -- which are well advanced in their vaccination programmes -- also seeing high numbers, though with lower deaths and hospitalisations.

Some governments are also now considering approving third jabs for those who have had their full dosage.

The sharp rise in infections has forced some governments, including in France and Greece, to impose restrictions again to quell the spread, leading to worries about the impact on the economic recovery.

That concern has also weighed on oil prices, which suffered their first fall Monday after a two-day gain. Though they edged up slightly in early Asian trade.

"The robust crude demand outlook is starting to take a hit as many countries continue to struggle with the more infectious Delta variant," said OANDA's Edward Moya.

"Even the US is seeing a surge as low-vaccinated states are behind the 47 percent increase in cases over the previous week.

"This pandemic once again feels far from over, and that is dragging down optimism for a robust crude demand story going forward."

Federal Reserve chief Jerome Powell's comments to lawmakers on central bank policy will be keenly watched Thursday for clues about its outlook in light of the fast US recovery and the impact of the Delta variant.

That comes after New York Fed boss John Williams said Monday that important parts of the economy were not rebounding enough for policymakers to wind their vast monetary easing measures.

Key figures around 0230 GMT

Tokyo - Nikkei 225: UP 0.8 percent at 28,792.06 (close)

Hong Kong - Hang Seng Index: UP 1.8 percent at 28,007.67

Shanghai - Composite: UP 0.3 percent at 3,559.96

Euro/dollar: UP at $1.1866 from $1.1864 at 2100 GMT

Pound/dollar: UP at $1.3892 from $1.3886

Euro/pound: DOWN at 85.40 from 85.42 pence

Dollar/yen: UP at 110.39 from 110.35 yen

West Texas Intermediate: UP 0.2 percent at $74.26 per barrel

Brent North Sea crude: UP 0.2 percent at $75.32 per barrel

New York - DOW: UP 0.4 percent at 34,996.18 (close)

London - FTSE 100: UP 0.1 percent at 7,125.42 (close)


Comments are closed.

Asian markets extend rally as earnings season looms

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country

Fawad says PTI leadership has ratified Imran's decision to dissolve KP, Punjab assemblies

KATI patron-in-chief, industrialist S.M. Muneer passes away in Karachi

Pakistan's delegation leaves for Russia to hold discussions on oil, gas

Rupee largely stable, settles at 223.95 against US dollar

Oil falls to near year’s lows on China demand worries

Pak Army’s ‘political quarantine’ will augur well for Pakistan: Gen Bajwa

Hina Rabbani Khar to visit Afghanistan on Tuesday: FO

By-elections will be held in Punjab, KP in case of mass resignations: ECP